Trade sources said two early July cargoes were not awarded, likely due to unexpectedly high spot LNG prices and a lack of offers. The ramp-up of Eni’s giant Zohr gas field is also rapidly cutting the country’s demand for LNG.

Eni aims to boost Zohr output to 1.75 billion ft3/day in August.

Estimated prices for the deliveries were pegged at 14.5 – 16% of a barrel of Brent crude oil, equivalent to upwards of US$11 per mmBtu.